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91st General Assembly · Funnel one-pager · Monday, November 9, 2026

SF 2085: Relating to event-driven contracts traded on dedicated contract markets by requiring a permit to conduct business in the state, imposing a tax on adjusted revenues, making adjustments to individual and corporate income taxes, providing for fees, and including retroactive applicability provisions

Became SF 2470 · Its progress continues under the new number.

What it does

This bill relates to event-driven contracts traded on dedicated contract markets by requiring a permit to conduct business in the state, imposing a tax on adjusted revenues, and making adjustments to individual and corporate income taxes. REGULATION AND ADMINISTRATION. The bill defines “event-driven contract” to generally mean a financial derivative traded on a designated contract market (prediction market) that is regulated by the federal commodity futures trading commission that provides a fixed binary payout based upon the occurrence or nonoccurrence of a specific future event rather than being based upon the continuous fluctuation of a security price, commodity value, or interest rate.

Sponsors

Sen. Mike Klimesh (R)

Cost

See the fiscal note

6 million The withholding requirements in the Bill are also estimated to increase General Fund revenue in FY 2027 in an amount that cannot be determined due to a lack of data. 0% event-driven contract excise tax paid by traders who buy or sell an event-driven …

Senate subcommittee · named January 22, 2026

  • Sen. Dan Dawson (R) · dan.dawson@legis.iowa.gov
  • Sen. Herman C. Quirmbach (D) · herman.quirmbach@legis.iowa.gov
  • Sen. Jeff Taylor (R) · jeff.taylor@legis.iowa.gov

Lobbying · 1 for, 6 against

For: Caesars Enterprise Services, LLC.

Against: Blockratize Inc.; Cedar Rapids Development Group LLC; Churchill Downs Incorporated; Crypto.com; Elite Casino Resorts, LLC; Kalshi Inc.

In plain words

  1. January 21, 2026Filed in the Senate and sent to the Ways and Means committee
  2. January 22, 2026Senate subcommittee named: Dawson, Quirmbach and Taylor
  3. March 11, 2026Subcommittee recommended passing it with changes
  4. March 12, 2026Approved by the Senate committee, and given a new number: SF 2470

From public records at legis.iowa.gov, compiled by Funnel (iowafunnel.com), an independent, nonpartisan site. Current as of Monday, November 9, 2026. https://iowafunnel.com/bills/91/SF2085